Big players push up capex, production
HOUSTON, February 17, 2017 – Occidental Petroleum plans to spend USD 3 billion-3.6 billion, a step up from the USD 2.9 billion it spent in 2016, the company announced in its financial report last Thursday.
The company reduced its 2015 loss of USD 7.83 billion to USD 574 million in 2016. Production rose to 602,000 boepd in 2016 from 565,000 in 2015. Oxy follows companies such as Noble Energy and Marathon Oil in pushing up planned expenditure for 2017.
The move is among the latest in a series of major oil and gas players to announce increased capex for 2017.
Total to increase production
In a separate development that also bodes well for the global hydrocarbons industry, French super-major Total announced that it plans to increase production by 4% in 2017, with an average increase of 5% year-on-year between 2015 and 2020. Some of the increase may come from 10 new projects the French company is mulling.
Total has brought on line a number of new projects and production increases in the last few years, which will result in a planned production increase of 600,000 boepd in 2017. The company has an estimated 2017 capex of USD 15 billion-17 billion.